Philippines needs investors in natural gas projects

Canada and Brunei interested in natural gas sector.

The Department of Energy said that Petroleum National Brunei, the national oil company of Brunei Darussalam, was expected to complete this June a study on its possible investment in liquefied natural gas (LNG) facilities in the province of Misamis Oriental in the Visayas region.

The report on the study should include Petroleum Brunei’s investment budget for 2014 for the development of the proposed floating, storage regasification unit (FSRU) in Mindanao.

The Macajalar Bay Misamis Oriental was deemed a favorable location for this project due to its marine characteristics, which offered the lowest possible cost terminal option in the area. The area also has the highest concentration of industrial load and has access to transmission facilities.

The Philippine government is bent on boosting the Philippines’ use of alternative fuels such as natural gas given global oil price volatilities. The Philippines imports over 90% of its fuel requirements.

The Department of Energy has identified 13 critical natural gas projects in Luzon that should all be in place by 2030. The Luzon-based projects are considered strategic infrastructure for receiving, storing, transmitting and distributing natural gas.